Hi...first I want to say that I am so happy I found this forum. Like most of you I was in a pinch and had to, regretfully, borrow money from these online loan sharks. I would appreciate it if someone could give me clarity on payday loans vs loan.
I current have two loans out. One with Great Plains Lending and another I opened with Western Sky, which then was sold to CashCall, and I just found out today it was sold off to Delbert. I started doing some research on the web, found this site and it seems that "pay day" loans are illegal in NJ.
My question...are these two loans I current have open considered illegal in NJ? Are they actually payday loans?
This is my loan info:
Great Plains - deposited 1000, paid to date 1048, still have payment schedule till 5/15/14
Western Sky or CashCall or Delbert? - deposited 2600, paid to date 1140, payment schedule till 4/1/17
I read that you don't have to pay these off at all if they are illegal in the state you reside, but I would not be comfortable with that and would pay off the actual loaned amount.
I have not contacted the lenders about being illegal in NJ and only paying off the actual loan amount. I would like to get any helpful information and all my ducks in a row before I do that.
Any suggestions/information would be appreciated.